How to get a business loan and pay nothing until July 2018
Prospa is helping small businesses ease their cash flow over EOFY.
Small business lender Prospa has a new offer that may ease the cash flow woes experienced by many small- to medium-sized enterprises (SMEs) during tax time. If you apply for a new small business loan with Prospa, you won't have to make any repayments until 2 July 2018. The offer is currently available and applies to new loans approved and settled before 31 May 2018.
If your loan is settled between 14 May 2018 and 31 May 2018, you won't need to start repayments until 2 July 2018. If your loan is settled between 1 June 2018 and 30 June 2018, your loan repayments will be delayed for four weeks.Prospa Business Loan is for between $5,000 and $300,000 which you can repay over 2 years.
To be eligible for a loan, your business needs to have a turnover of at least $6,000 per month and have 6 months trading history. If you've purchased a new business, you only need three months of trading history. You will need to electronically connect your business's bank statements to be eligible for the EOFY offer.
You can submit your application in about 10 minutes and, if approved, you can receive your funds within 24 hours.
Keep in mind you will pay a factor rate which is determined by your business's circumstances and an establishment fee. You will receive details of both when you submit your application.
This isn't the first time Prospa has offered delayed repayments for new small business loans. In November 2017, Prospa offered no repayments until January 2018 for new loans. If Prospa's loan doesn't sound right for you, you can compare your other options here.